India NEWS

The government recently imposed a windfall tax on all refiners, including SEZ refineries, on the export of diesel, petrol, and air turbine fuel. Besides, it also imposed a cess on domestic crude output. Analysts said the development is a setback for refiners as they cut FY23 estimates steeply. The tax could potentially be used to offset OMC losses on auto fuel, analysts said. The government has raised export duty on diesel by Rs 13 a litre and on petrol by Rs 6 a litre. It has also raised export duty on ATF by Re 1 per litre. The government said Indian exporters would have to sell 50 per cent of petrol in the domestic market on total shipping bill while they have to sell 30 per cent of diesel in domestic market on total shipping bill. In addition, a cess of Rs 23,250 per tonne was imposed on crude produced domestically.

India's offshore wind sector has gained momentum as a result of the Prime Minister's announcement of net-zero targets at the last UN climate change summit(COP26). At the summit, India also announced its increased ambitions of installing 500 GW of non-fossil-fuels-based power generation capacity by 2030, inclusive of 30 GW offshore wind capacity.

India is making a big push for oil and gas exploration in Andaman deep water basin with the government planning to fund an ONGC-led drilling campaign and easing clearances, according to people familiar with the matter. Increasing exploration at a break-neck speed is at the center of the government's plan to raise domestic production of oil and gas and cut imports at a time when high fuel prices are tormenting consumers. ONGC NSE -2.40 % plans to launch the drilling campaign in the Andaman offshore after the monsoon and is currently engaged in talks with ExxonMobil and Shell to involve them in the project, they said. ONGC is expected to drill 3-4 wells under the special program funded by the government in the Andaman Sea, with each well costing about Rs 350-400 crore, they added.gt

The Cairn Oil & Gas, India’s largest private oil and gas exploration and production company, has signed a contract with Baker Hughes, an energy technology company, to harness geothermal energy from its repurposed oil and gas wells in Rajasthan. On successful execution, the contract will help Cairn Oil & Gas co-produce up to 2.4 MW of electricity along with oil and gas and offset 17,000 tons of greenhouse gas per annum. This contract follows Cairn Oil & Gas’ recently announced ESG roadmap where it is committed to becoming a net-zero company by 2050, a spokesperson said here on Friday.

Indian shares were little changed on Monday, with gains in consumer stocks offset by losses in metals, while global prices of copper and crude oil declined. The NSE Nifty 50 index (.NSEI) edged up 0.05% to 15,302.8 by 0516 GMT, while the S&P BSE Sensex (.BSESN) was up 0.1% at 51,423.83. Both indexes fell over 5% last week in their biggest weekly drop in two years. Oil prices dropped to $113.04 per barrel while copper prices also fell, on fears that a recession would dent demand for metals.

New Delhi: State-owned CIL is looking at green mining options by leveraging a slew of eco-friendly technologies in both underground and opencast mines, a move that would help in augmenting the production and reduce the adverse impact on environment. With land turning out to be a major pain point for expansion of coal mining operations, these technologies bypass land acquisition and avoid its degradation. "Coal India Ltd (CIL) is taking a close look on green mining options in a bid to minimize adverse environmental impact by leveraging a slew of eco-friendly technologies in its underground and opencast mines," the maharatna firm said.

The two foreign ministers noted the potential for a closer India-Italy industrial collaboration in the defence sector and vowed to work closely in countering common challenges of terrorism, violent extremism and cybercrimes.

"The conglomerate, which is owned by Asia's richest man Mukesh Ambani, reported a net profit of 162.03 billion ($2.1 billion) between January and March, 22.5 percent than the same period last year."

While natural gas makes up just a small portion of India's power mix, a scarcity of coal and hot weather has triggered scheduled blackouts, threatening to upend the economy

India has already bought more than twice as much crude from Russia in the two months since its invasion of Ukraine on Feb. 24 as it did in the whole of 2021,

The latest offer from Moscow involves payment for Indian oil imports from Russia in dollar or euro while the rest of the trade will be settled using a rupee-ruble-denominated mechanism,

International Renewable Energy Agency (IRENA) Director General Francesco La Camera speaks on the global and the Indian energy transition story, green hydrogen, the agency's partnership with the Indian Government and the Ukraine crisis.

"Singh appreciated the resolve of Maldives government to achieve net zero emission target by 2030, according to a power ministry statement. "

According to the report, pre-construction coal power capacity between 2015 to 2021 decreased nearly 90 per cent in India. From approximately 238.6 gigawatt (GW) in 2015,

State Secretary of the German Ministry for Economic Cooperation and Development Jochen Flasbarth, who is on a two-day visit to India, held meetings with a number of officials from the Environment, Coal and the External Affairs Ministries.

Petroleum Minister Hardeep Singh Puri and Brazil’s Energy Minister discuss on cooperation between the two countries in energy, bioenergy, biofuels

French multinational contractor SNF Flopam has won new enhanced oil recovery work for India’s state-owned giant Oil & Natural Gas Corporation.

If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.